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Crypto Market Update (07 May 2018)

There was a major downtrend over the weekend, with the overall cryptocurrency market falling by around $40 billion to $436 billion, but the total is still around $10 billion more than it was one week ago. Bitcoin is down around 2% at $9,400 and Ethereum is down over 5% at $730. However, there is excitement still growing over continued growth of big projects in the space and collaboration between these enterprises and governments around the world.

Major Headlines

Ethereum SEC hearing was fake news

Headlines on cryptocurrency and blockchain media websites were citing an SEC hearing to happen today on whether or not Ethereum is a security. However, there is no SEC hearing today at all. There is a Security Forum meeting on May 10th, but the agenda for the meeting is general, and does not specify Ethereum at all. For a grand total of 40 minutes from 3:25 to 4:05, the “extraordinary panel” will discuss “Cryptocurrencies and ICOs: Where Will Enforcement Strike Next?” This is followed by 40 minutes of “Litigating Securities Fraud Cases Against the SEC and DOJ,” and an hour for “Cocktail Reception.”

PwC takes a slice VeChain

PwC Hong Kong and PwC Singapore acquired a small part of Vechain to integrate their service platform into PwC’s infrastructure, which will require the use of VeChain Tokens (formerly “VEN” are now “VET” with launch of their mainnet “VeChain Thor”) in order to perform transactions. VeChain is the first blockchain organization to partner with the Chinese government. PwC is the world’s second largest professional services provider. Together they will focus on counterfeiting protection (VeChain has offices in Singapore, Tokyo, Paris and Shanghai - some of the wealthiest cities in the world, but plagued by counterfeiting). This could mean greater stability and long term potential of VET.

Ethiopian Government Putting Coffee Beans on Blockchain

The government of Ethiopia will be working with the creators of Cardano (ADA) to develop Agritech solutions and benefits. IOHK is the company behind Cardano. Their founders, Charles Hoskinson and Jeremy Wood, worked for Ethereum prior to starting IOHK. They’re collaborating with the Ethiopian Ministry of Science and Technology to expand the Agritech presence in Ethiopia, especially in relation to their biggest export - coffee beans. Through the partnership, IOHK will also be training local blockchain developers. “The first class will be all female, and the goal is to have graduates of that class move on to create ventures in the cryptocurrency space using Cardano technology, the first venture of its kind in Africa."